Stratford RSA will not be foreclosed, nor is it insolvent.
Following rumours that the local branch will be closing its doors due to financial difficulties, president Kevin Holly says it is time to nip it in the bud.
"The rumours have been going around for a while and frequently raises its head. We do not attend to gossip or rumours - we just do what we do, but this is hurting our members."
He acknowledges that the committee elected in 2009 inherited a debt of $390,000, but that they have paid off $216,000 and are well placed to also pay off the remainder.
"I have heard rumours this morning (March 7) that the bank is closing our doors, another that I have been kicked out and everyone is delighted.